China hits the credit brakes

Monday, 18 January 2021

I missed this last week but it is important. New yuan loans in December were reported by the PBOC and came in quite soft with headline aggregate financing at 1.76tr yuan as banks made up 1.26tr of that:

Non-bank lending is retracing sharply:

Year on year lending fell 18% and the 3MMA has rolled:

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.